Caroline Hyde

Stablecoin issuer posted both profit and revenue growth, beating analyst estimates as digital asset activity really picked up in the late in the year.

Here with more on the results and the outlook ahead of Circle, CEO Jeremy Allaire.

Jeremy.

What's so interesting is the moon music around crypto has been pretty dire in the fourth quarter, fiscal fourth quarter.

But have people been turning and using stable coin even more?

Adoption been growing because of this sort of volatility of people exiting Bitcoin and wanting to hold USDC instead?

Well, thanks for having me on.

And I would sort of start by just saying, if you look at the arc of 2025 and the success of legislative initiatives like the Genius Act, the awareness around stablecoins as a key infrastructure that can be used in the financial system, in payments, in capital markets, and the incredible growth, which are obviously showing up in our full year and Q4 numbers,

What we've seen in some respects is stablecoins as a technology, as a use case, decoupling from digital asset markets or decoupling from just speculating on the price of Bitcoin or things like that.

And that's something that we've believed for a very long time is that blockchains, stablecoins, and now as we see this kind of collision of this with agentic capabilities and agentic computing,

are creating utility for businesses and financial institutions and households.

And that's driving this shift.

And so I think the market is just starting to understand there are internet financial platform and infrastructure companies that are building for this new economic system that's built around real world money,

like USDC and blockchain technology.

And then there's a different market, which is certainly more speculative about digital assets more broadly.

Jeremy, that's so interesting, because look, we've just had the news reporting that maybe Meta's back on thinking about how adoption of stable coins is going to work within its own platform.

Talk to us about how you're diversifying, because yes, you can do a lot with stable coins and indeed putting money into US treasury assets, but where else for the business now?

Well, a couple of things.

I think the first is that our core business is thriving.

USDC grew 72% year on year.